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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Re: How to file 1042-S income code 31 to schedule NEC?
How to file 1042-S income code 31 to schedule NEC?
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zaqwsx12
Level 1
03-16-2024
01:38 PM
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I'm filing form 1040NR, and received form 1042-S. The income code is 31 short-term OID, gross income 300, with box 3a exemption code 02 and box 4a exemption code 15, no tax withholding, and tax rate in boxes 3b and 4b listed as "00.00".
Do I need to report this in schedule NEC or 1040NR? If so, where should I report this on schedule NEC? Is it under Interest - Other? And for the tax rate, am I supposed to put 0% under "Other Percentage 1"?
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zaqwsx12
Level 1
03-16-2024
05:00 PM
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Thank you for your prompt response. Does the fact that box 3a exemption code 02 and box 4a exemption code 15 and the tax rate in boxes 3b and 4b is listed as "00.00" mean that it is not taxable and does not need to be included in the 1040-NR? Or does it need to be listed under schedule NEC under Interest - Other, but with 0% tax rate?
